Stocks have rallied smartly through April 2008 and placed at good levels. I predict this current rally to fizzle out around 18250 to 18500 levels some time in May. Cement, Steel, capital goods sectors are ignored, Technology / IT stocks, Banks (private banks in particular), real estate, telecom, pharma,Oil and FMCG rallied considerably in april.
The markets rallied due to shortage of stock supply rather than a strong apptetite of buying - lack of volumes are a proof for this logic.
Hence, it would be difficult for this rally to gain strengh above 18500 levels. Inflation, airline bankruptcies, US credit card defaults and US housing market trends would decide the future course of markets.